Make your own ringtones with iTunes

This is a good direction, the new version of iTunes will allow you to make your own ringtones. There will be ones for sale of course but this is the way it should be… Until it comes out I’m not sure what the restrictions are and how it works on purchased/non-purchased (can you make your own ring tones from plain old mp3s you own/ripped from CDs)…? – Link.